From California to the Northeast, a funny thing has happened recently in America’s most expensive metropolitan areas: Rents have gone down.

Ever since remote workers began fleeing urban cores at the start of the coronavirus pandemic—whether to the Hamptons or their parents’ basements—urban housing markets have been flooded with empty apartments. As a result, the prices that rental units command in certain large cities have dropped dramatically, to the tune of 18 percent in Boston, 19 percent in Seattle, and nearly 25 percent in San Francisco, according to a November survey by the firm Apartment List.

The cause of the drop should hardly be surprising. The pandemic has radically decreased demand for big-city living while also increasing the quantity of available apartments. Yet this basic fact, plain for all to see, flies in the face of much received wisdom about the factors that cause urban housing prices to go up or down.

Epics / Getty / The Atlantic From California to the Northeast, a funny thing has happened recently in America’s most expensive metropolitan areas: Rents have gone down. Ever since remote workers began fleeing urban cores at the start of the coronavirus pandemic—whether to the Hamptons or their parents’ basements—urban […]

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